Conversion to Corporation

Effective January 1, 2011, Westshore Terminals Income Fund converted to a corporation named Westshore Terminals Investment Corp. on a one for one basis. In order to realize a tax deferred status for the conversion, a Joint Tax Election Form was required. Each Westshore Terminals Income Fund unit was converted into a stapled unit consisting of one common share of Westshore Terminals Investment Corp. and a $5 interest bearing promissory note due from Westshore Terminals Holdings Inc. (a wholly owned subsidiary of Westshore Terminals Investment Corp.). The new stapled unit trades under the symbol WTE.UN.